Hispanic Population Drives Growth in Homeownership for a Third Consecutive Year
Lack of Inventory, Natural Disasters and Immigration Policy Slow Growth-
February 27, 2018 – Washington, D.C. – February 27, 2018 – The Hispanic Wealth Project (HWP), in collaboration with the National Association of Hispanic Real Estate Professionals (NAHREP), today released their annual State of Hispanic Homeownership Report, which shows that Hispanics continue to increase their rate of homeownership despite external challenges.
Hispanics are experiencing gains in three key indicators attributed to increased homeownership attainment: population increase, household formations and workforce participation.
The Hispanic population grew by 1 million accounting for 51 percent of U.S. population growth in 2017. Hispanics increased their rate of homeownership from 46 percent to 46.2 percent, with a net increase of 167,000 new owner households. Hispanics also had a higher workforce participation rate than any other ethnic or racial demographic, with 66.1 percent of adult Hispanics in the workforce,
“We see from the report’s data the strong enthusiasm for homeownership within the Hispanic community,” said NAHREP 2018 President, Daisy Lopez-Cid. “With a growing Hispanic population and the highest rate of workforce participation, Hispanics are expected to drive growth in the housing market for decades.”
The report noted a lack of housing inventory, natural disasters, and uncertain immigration policy as three major factors that negatively influenced Hispanic homeownership gains in 2017. However, the factors contributing to a slight slowing of Hispanic household formations are short term and solvable. The Hispanic segment’s influence on U.S. homeownership gains is based on the long-term impact of their combined workforce, economic and aspirational contributions, which are expected to continue to drive homeownership for the foreseeable future.
The report highlights data that provides a comparative analysis of both the past year and since 2000. It specifically analyzes the demographic and economic trends that shape the homeownership market, including the cultural nuances and purchase habits of Hispanic home buyers. The report also identifies major obstacles to Hispanic homeownership, such as the lack of inventory, the recent natural disasters, and immigration policy.
For access to NAHREP’s 2017 State of Hispanic Homeownership Report visit:
About Hispanic Wealth Project:
The Hispanic Wealth Project (HWP), a nonprofit 501(c) 3, is committed to empowering Latinos to fully participate and prosper in the U.S. economy through education, small business development and sustainable homeownership. For more information, visit www.HispanicWealthProject.org
The National Association of Hispanic Real Estate Professionals, a nonprofit 501(c) 6 trade association, is dedicated to advancing sustainable homeownership among Latinos by educating and empowering the real estate professionals who serve them. NAHREP is the premier trade organization for Hispanics and has more than 30,000 members in 48 states and 58 affiliate chapters. For more information, visit www.NAHREP.org